# The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025, Regulation 3: Article 3 of the Regulated Activities Order


(1) Article 3 of the Regulated Activities Order (interpretation) is amended as follows.
(2) In paragraph (1)—
(a) omit the definition of “the Commission Regulation”;
(b) before the definition of “consumer hire agreement” insert—
““commodity” means any goods of a fungible nature that are capable of being delivered, including metals and their ores and alloys, agricultural products, and energy such as electricity;”;
(c) in the definition of “financial instrument”, for the words from “Articles 5” to “Part 2 of Schedule 2)” substitute “Part 2 of that Schedule”;
(d) in the definition of “investment firm”—
(i) in paragraph (a), omit “the Commission Regulation and with”;
(ii) in paragraph (b), omit “the Commission Regulation and with”;
(e) for the definition of “portfolio management” substitute—
““portfolio management” means managing portfolios in accordance with mandates given by clients on a discretionary client-by-client basis where such portfolios include one or more financial instruments;”;
(f) in the definition of “qualifying credit institution”, in paragraph (d), omit “the Commission Regulation and with”.
(3) In paragraph (1A)—
(a) in sub-paragraph (a), omit “the Commission Regulation and with”;
(b) in sub-paragraph (b), omit “the Commission Regulation and with”.

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Source: https://www.legislation.gov.uk/uksi/2025/1020/regulation/3 (the official version)
Page: https://openlegislation.uk/markets-in-financial-instruments-miscellaneous-amendments-regulations-2025/regulation-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.